Enter your loan balance, rate and remaining term, then add extra payments: a fixed amount every month, a yearly lump sum or a one-time payment. See your new payoff date, the months saved and the interest you keep.
| Year | Paid | Interest | Extra | Balance (with extras) | Balance (original) |
|---|
Runs entirely in your browser. Nothing is uploaded to any server.
See the exact month your loan ends.
Watch the interest saved grow with each extra.
Compare small monthly extras with yearly bonuses.
Early in a loan most of each payment is interest. An extra payment then skips ahead in the schedule, removing many future interest charges at once.
Even modest amounts matter: on a 30-year mortgage, one extra payment per year typically cuts the term by several years.
Steady, automatic progress.
Good for bonuses and tax refunds.
Windfalls like an inheritance.
Interest is charged on the remaining balance. Extra payments go straight to principal, so every later month is charged interest on a smaller balance.
The same total paid earlier saves more, so monthly extras save slightly more than one yearly payment of the same total. Both help a lot.
Usually not. On most loans extra payments shorten the term while the required payment stays the same.
Paying extra earns a guaranteed return equal to the loan’s interest rate. Compare that with what you could reasonably earn elsewhere, and keep an emergency fund first.
Some loans charge them. Check your loan agreement and tell the lender extra money should go to principal.
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